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Saturday, 1 September 2012

Eland Oil set to List on London Stock Market

Eland Oil and Gas, a West Africa-focused energy firm, has
concluded arrangement to float its shares on London's junior stock market with
a market value of 135 million pounds ($214 million) after completing the
purchase of a stake in a Nigerian oil block.

Eland Oil Chief Executive Les Blair said that his company,
in partnership with Starcrest, a Nigerian oil firm bought a 45 percent stake in
block OML 40 owned jointly by Shell, Total and Eni for $154 million. The
Nigerian National Petroleum Corporation (NNPC), owns the other 55 percent of
the block and its subsidiary. The Nigerian Petroleum Development Company (NPDC)
will take over the operating rights from Shell.

Blair said the block had 71.5 million barrels of proven oil
reserves and it planned to be producing 2,500 barrels per day within six
months.